Summit County | Year End 2020
Summit County embodies what it means to live in Colorado. Surrounding by sweeping valleys, snowcapped peaks, and home to some of the best skiing, hiking, and fishing in the state, it’s no wonder that Summit County is a top destination for those looking for an escape from the ordinary. Throughout 2020, and the challenges that came with it, this community experienced dramatic dips and rises in real estate activity. Ultimately, the unbeatable lifestyle available to residents in Summit County proved to be stronger than the unprecedented circumstances of COVID-19, resulting in a surge of homebuying within this lively mountain community.
LIV Sotheby’s International Realty produces a Micro Market Report focused on real estate activity for Summit County and the neighborhoods within it. From January to December, compared to the same time frame of 2019, communities in the area saw an increase in sold listings by 19.8%. This rise in properties sold is a result of consumers’ shift in homebuying priorities, from searching for city living to finding homes in communities that focus on quality of life and wellness. Due to the increase in demand, average home prices for this Summit County grew from $824,005 to $907,853, a 10.2% increase.
This year has yielded positive growth for both the single family home sector as well as the condominium, duplex, and townhome sector of the market. Single family home sales increased by 18.1% in 2020 compared to 2019. Condominiums, duplexes, and townhomes sales increased by 20.5% in the same comparison to the previous year.
In Keystone, single family homes saw a significant increase in the number of listings sold throughout 2020. This resort community experienced a 62.5% increase in single family homes sales, growing from 24 listings sold in 2019 to 39 homes sold last year. In examining condominiums, duplexes, and townhomes sales, Copper Mountain saw the largest increase in listings sold, growing from 59 residences sold in 2019 to 107 residences sold in 2020, an 81.4% difference.
As a result of the strong demand for homes in Summit County, average prices for homes in several neighborhoods went up in 2020 compared to 2019. In Breckenridge, one of the most popular ski resort communities in the U.S., the average price for homes increased by 4.2%, making the average price for all property types $1,186.177. The nearby town of Frisco saw an impressive 14.8% increase in average property prices, bringing the average price to $831,343.
Summit County’s mountain lifestyle was evidently in high demand during 2020. The average days on market, a metric that helps illustrate how quickly homes in the area sold, decreased in several communities within the county. One of the most notable decreased was seen within the single family home market in Copper Mountain, where the average days on market for homes fell by 66.5%, from 385 days to 129 days. Keystone properties also experience a noticeable decrease, declining by 43.7% days on market.
With more consumers looking for homes that can elevate their lifestyle and put them closer to the Colorado’s natural beauty, Summit County’s real estate market will continue to thrive with homebuying and selling opportunities.
This Colorado Micro Market Report includes real estate data statistics for the following neighborhoods (single family, unless otherwise indicated): Breckenridge, Copper Mountain, Dillon, Frisco, Keystone, and Silverthorne.